Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | URANIUM RESOURCES INC /DE/ | |
Entity Central Index Key | 839,470 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,770,790 | |
Trading Symbol | URRE | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 94 | $ 865 |
Prepaid and other current assets | 1,209 | 1,140 |
Total Current Assets | 1,303 | 2,005 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment | 114,460 | 114,496 |
Less accumulated depreciation, depletion and impairment | (65,730) | (65,684) |
Net property, plant and equipment | 48,730 | 48,812 |
Restricted cash | 4,032 | 4,026 |
Long-term assets held for sale | 2,123 | 2,123 |
Total Assets | 56,188 | 56,966 |
Current Liabilities: | ||
Accounts payable | 2,942 | 3,046 |
Accrued liabilities | 1,757 | 1,569 |
Convertible loan, net of discount - related party | 6,604 | 6,154 |
Current portion of asset retirement obligations | 121 | 121 |
Total Current Liabilities | 11,424 | 10,890 |
Asset retirement obligations, net of current portion | 4,323 | 4,242 |
Other long-term liabilities and deferred credits | 800 | 800 |
Long-term liabilities related to assets held for sale | 555 | 555 |
Total Liabilities | $ 17,102 | $ 16,487 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock, 100,000,000 shares authorized, $.001 par value; Issued shares – 5,244,459 and 4,530,211, respectively Outstanding shares – 5,236,434 and 4,522,186, respectively | $ 5 | $ 5 |
Paid-in capital | $ 260,909 | 258,096 |
Accumulated other comprehensive income | (67) | |
Accumulated deficit | $ (221,570) | (217,297) |
Treasury stock (8,025 and 8,025 shares, respectively), at cost | (258) | (258) |
Total Stockholders' Equity | 39,086 | 40,479 |
Total Liabilities and Stockholders' Equity | $ 56,188 | $ 56,966 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock par value | $ .001 | $ .001 |
Common stock, shares issued | 5,244,459 | 4,530,211 |
Common stock, shares outstanding | 5,236,434 | 4,522,186 |
Treasury stock, shares | 8,025 | 8,025 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Expenses: | ||
Mineral property expenses | $ (731) | $ (809) |
General and administrative | (2,145) | (2,095) |
Accretion of asset retirement obligations | (120) | (112) |
Depreciation and amortization | (82) | (85) |
Total operating expenses | (3,078) | $ (3,101) |
Non-Operating Income/(Expenses): | ||
Loss on sale of marketable securities | (116) | |
Interest expense | (743) | $ (675) |
Commitment fees | (333) | |
Other income/(expense), net | (3) | $ 15 |
Total other expense | (1,195) | (660) |
Net Loss | (4,273) | $ (3,761) |
Other Comprehensive Loss | ||
Unrealized fair value decrease on available-for-sale securities | (49) | |
Transfer to realized loss upon sale of available-for-sale securities | 116 | |
Comprehensive Loss | $ (4,206) | $ (3,761) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.86) | $ (1.70) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 4,967,896 | 2,212,933 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows and Supplemental Cash Flow Information (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities: | ||
Net loss | $ (4,273) | $ (3,761) |
Reconciliation of net loss to cash used in operations: | ||
Accretion of asset retirement obligations | 120 | 112 |
Amortization of debt discount | 450 | 449 |
Amortization of convertible loan establishment fee | 25 | $ 25 |
Loss on sale of marketable securities | 116 | |
Common stock issued as payment for commitment fees | 333 | |
Costs incurred for restoration and reclamation activities | (39) | $ (48) |
Depreciation and amortization | 82 | 85 |
Stock compensation expense | $ 183 | 454 |
Gain on disposal of property, plant and equipment | (18) | |
Effect of changes in operating working capital items: | ||
(Increase)/decrease in receivables | $ (62) | 12 |
Increase in prepaid and other current assets | (168) | (184) |
Increase in payables, accrued liabilities and deferred credits | 1,028 | 175 |
Net Cash Used In Operating Activities | (2,205) | $ (2,699) |
Cash Flows From Investing Activities: | ||
Proceeds from the sale of investments | 247 | |
Increase in restricted cash | $ (6) | |
Proceeds from disposal of property, plant and equipment | $ 18 | |
Net Cash Provided By Investing Activities | $ 241 | 18 |
Cash Flows From Financing Activities: | ||
Payments on borrowings | (4) | |
Issuance of common stock, net | $ 1,193 | 5,619 |
Payment of minimum withholding taxes on net share settlements of equity awards | (123) | |
Net Cash Provided By Financing Activities | $ 1,193 | 5,492 |
Net increase/(decrease) in cash and cash equivalents | (771) | 2,811 |
Cash and cash equivalents, beginning of period | 865 | 5,570 |
Cash and Cash Equivalents, End of Period | $ 94 | $ 8,381 |
Cash paid during the period for: | ||
Interest | ||
Supplemental Non-Cash Information With Respect to Investing and Financing Activities: | ||
Common stock issued for settlement of accounts payable | $ 703 | |
Common stock issued for payment of convertible loan interest and fees | $ 242 | $ 199 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2015 | $ 5 | $ 258,096 | $ (67) | $ (217,297) | $ (258) | $ 40,479 |
Balance shares at Dec. 31, 2015 | 4,522,186 | |||||
Net loss | $ (4,273) | (4,273) | ||||
Common stock issued, net of issuance costs | $ 1,352 | 1,352 | ||||
Common stock issued, net of issuance costs, shares | 478,776 | |||||
Common stock issued for loan interest | 242 | 242 | ||||
Common stock issued for loan interest, shares | 38,086 | |||||
Common stock issued for settlement of accounts payable | 703 | 703 | ||||
Common stock issued for settlement of accounts payable, shares | 117,097 | |||||
Common stock issued as payment for commitment fees | 333 | 333 | ||||
Common stock issued as payment for commitment fees, shares | 75,000 | |||||
Stock compensation expense and related share issuances | $ 183 | 183 | ||||
Stock compensation expense and related share issuances, shares | 5,289 | |||||
Reclassification of unrealized holding loss to realized holding loss | $ 67 | 67 | ||||
Balance at Mar. 31, 2016 | $ 5 | $ 260,909 | $ (221,570) | $ (258) | $ 39,086 | |
Balance shares at Mar. 31, 2016 | 5,236,434 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements for Uranium Resources, Inc. (the Company, we, us, or URI) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in Uranium Resources, Inc.s 2015 Annual Report on Form 10-K. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2016. Recently Issued Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entitys ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect to early adopt this guidance and do not believe that the adoption of this guidance will have a material impact on our financial statements or related disclosures. |
Liquidity and Going Concern
Liquidity and Going Concern | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Going Concern | 2. LIQUIDITY AND GOING CONCERN The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis, which means that the continuation of the Company is presumed even though events and conditions exist that, when considered in the aggregate, raise substantial doubt about the Companys ability to continue as a going concern because it is possible that the Company will be unable to meet its obligations as they become due within one year after the date that these financial statements were issued. Since the second half of 2015, the Company has faced liquidity challenges. The Company has encountered difficulties raising sufficient capital as a result of weak capital markets, particularly in the commodities sector. The Companys liquidity was further challenged following the completion of the acquisition of Anatolia Energy Limited (Anatolia Energy) on November 9, 2015, whereby the Company acquired all of the issued and outstanding common stock of Anatolia Energy (the Anatolia Transaction), as the Company incurred higher than expected transaction costs and assumed significant unpaid trade payables from Anatolia Energy. At March 31, 2016 the Companys cash balances were $0.1 million and the Company had a working capital deficit of $10.1 million. Contributing to the working capital deficit was the reclassification of the RCF Loan (defined in Note 6, below) from long-term to short-term liabilities as the RCF Loan matures on December 31, 2016. On April 4, 2016, the Company completed a registered direct offering whereby it sold 375,000 shares of common stock at a price of $2.17 per share and 200,000 pre-funded warrants at a price of $2.16 per warrant, paid at closing. Gross proceeds to the Company were $1.25 million. Also subsequent to the quarter-end, the Company sold 159,356 shares of common stock under its ATM Sales Agreement (defined in Note 8 below) for net proceeds of $0.3 million. The ending cash balance of $0.1 million along with the proceeds received from the April 4, 2016 registered direct offering of $1.25 million and the $0.3 million in proceeds from the ATM Sales Agreement is expected to provide the Company with sufficient capital to fund its critical operations through June 30, 2016. Subsequent to June 30, 2016, the Company expects to receive funding from the following sources: · Laramide Asset Sale On April 7, 2016, Laramide Resources Ltd. (Laramide Resources) and the Company entered into a Share Purchase Agreement (the Laramide SPA) for the sale of its Churchrock and Crownpoint properties in New Mexico for $12.5 million. Under the terms of the Laramide SPA, the Company expects to receive a cash payment of $5.25 million upon closing, currently anticipated to occur by the end of the second quarter of 2016. · Common Stock Purchase Agreement with Aspire Capital On April 8, 2016, the Company entered into a Common Stock Purchase Agreement (CSPA) with Aspire Capital Fund, LLC (Aspire Capital) to place up to $12.0 million in the aggregate of its common stock over a term of 30 months following receipt of shareholder approval at the Companys Annual General Meeting of Stockholders, currently anticipated to be held in June 2016, and effectiveness of the registration statement relating to the resale of such shares of common stock. · At-the-Market Sales Agreement The Company has an existing ATM Sales Agreement that allows it to sell, from time-to-time, shares of its common stock in at-the-market offerings having an aggregate offering amount up to $15.0 million of which we have approximately $5.0 million available for future sales as of May 11, 2016. Once the CSPA is approved by the Companys stockholders, the Company will be unable to sell shares of its common stock through the ATM Sales Agreement on dates that it places shares with Aspire Capital through its CSPA. While the Company believes the sources of capital above may provide sufficient liquidity to fund ongoing operations through December 31, 2016 and settle the RCF Loan upon maturity, the Companys market capitalization, low trading volume and potential to fall below the reference price under the CSPA may make it difficult for the Company to fully utilize the $12.0 million and $5.0 million available under the CSPA and ATM Sales Agreement, respectively. Therefore the Company believes that it will need to raise additional capital or renegotiate the terms of the RCF Loan in order to continue as a going concern. The Company is currently evaluating its options with respect to the RCF Loan and also continues to explore opportunities to raise additional funds, further monetize its non-core assets and look for ways to reduce its monthly cash expenditures. The Company has been successful at raising capital in the past, most recently with the completion of registered direct offerings on April 4, 2016 and February 4, 2016 for gross proceeds of $1.25 million and $0.8 million, respectively, and two registered direct offerings during 2015 which occurred on December 18, 2015 and March 6, 2015 for aggregate net proceeds of $6.1 million. In addition, the Company was able to successfully raise capital in 2013 and 2014 through debt and equity fundraising efforts. Specifically, the Company completed a registered direct offering in February 2014 for net proceeds of $9.3 million and procured a convertible secured debt facility in November 2013 that provided the Company with $8.0 million in cash, which debt matures in December 2016. While the Company has been successful in the past raising funds through equity and debt financings as well as through the sale of non-core assets, no assurance can be given that additional financing will be available to it in amounts sufficient to meet the Companys needs, including upon the maturity of our outstanding debt, or on terms acceptable to the Company. In the event funds are not available, the Company may be required to change its planned business strategies or it could default under its secured debt facility. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Property, Plant and Equipment | 3. PROPERTY, PLANT AND EQUIPMENT Net Book Value of Property, Plant and Equipment at March 31, 2016 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,626 $ - $ - $ 8,626 Mineral rights and properties 17,968 1,513 19,102 - 38,583 Other property, plant and equipment 22 1,319 - 180 1,521 Total $ 17,990 $ 11,458 $ 19,102 $ 180 $ 48,730 Net Book Value of Property, Plant and Equipment at December 31, 2015 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,653 $ - $ - $ 8,653 Mineral rights and properties 17,968 1,513 19,102 - 38,583 Other property, plant and equipment 22 1,352 - 202 1,576 Total $ 17,990 $ 11,518 $ 19,102 $ 202 $ 48,812 |
Mineral Property Expenditures
Mineral Property Expenditures | 3 Months Ended |
Mar. 31, 2016 | |
Mineral Property Expenditures | |
Mineral Property Expenditures | 4. MINERAL PROPERTY EXPENDITURES Mineral property expenditures by country for the three months ended March 31, 2016 and 2015 For the Three Months Ended March 31, 2016 2015 (thousands of dollars) Temrezli project, Turkey $ 241 $ - Total Turkey projects 241 - Kingsville Dome project, Texas 234 220 Rosita project, Texas 68 108 Vasquez project, Texas 158 166 Butler Ranch project, Texas 6 58 Other projects, Texas 16 178 Total Texas projects 482 730 Cebolleta project, New Mexico 1 - Juan Tafoya project, New Mexico 7 4 Other projects, New Mexico - 75 Total New Mexico projects 8 79 Total expense for the period $ 731 $ 809 |
Assets Held for Sale
Assets Held for Sale | 3 Months Ended |
Mar. 31, 2016 | |
Assets Held For Sale | |
Assets Held for Sale | 5. ASSETS HELD FOR SALE As discussed in Note 2, above, on April 7, 2016, the Company entered into the Laramide SPA for the sale of our Churchrock and Crownpoint properties in New Mexico. Under the terms of the Laramide SPA, the Company and certain of its subsidiaries have agreed to transfer ownership of the Churchrock and Crownpoint properties to Laramide Resources or its subsidiaries. Laramide Resources will assume any liabilities related to reclamation and remediation on the subject lands. Closing of the transaction is subject to various conditions, including, without limitation, completion of a financing by Laramide Resources on commercially reasonable terms and in such amount as is necessary to fund the $5.25 million purchase price and certain customary and required consents and releases of and by third parties, including RCF (defined in Note 6, below). As a result, the assets and liabilities associated with the Churchrock and Crownpoint projects have been classified as held for sale as of March 31, 2016 and December 31, 2015. The Company recently acquired a portion of the Churchrock project from Energy Fuels Inc., and recorded the assets at a fair value of $2.1 million. As the agreed sales proceeds exceed the carrying value, no further fair value adjustment was necessary. The remaining Churchrock and Crownpoint properties mineral rights were previously impaired and the carrying value is nil. |
Convertible Loan, Related Party
Convertible Loan, Related Party | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Loan, Related Party | 6. CONVERTIBLE LOAN, RELATED PARTY On November 13, 2013, the Company entered into a loan agreement (the RCF Loan) with Resource Capital Fund V L.P. (RCF), whereby RCF agreed, subject to the terms and conditions set forth in the RCF Loan, to provide a secured convertible loan facility of up to $15.0 million to the Company, which was subsequently amended on April 29, 2014 to reduce the amount available thereunder from $15.0 million to $8.0 million. No additional amounts may be drawn under the RCF Loan. Amounts drawn under the RCF Loan mature on December 31, 2016 and bear interest at 10% per annum, payable quarterly in arrears in shares of the Companys common stock or, at RCFs election, in cash. The number of shares to be issued as payment for interest is determined based upon the volume weighted-average price (VWAP) of the Companys common stock for the 20 trading days preceding the last day of each quarter. Accordingly, the Company issued 38,086 shares of common stock on January 4, 2016 for settlement of interest expense of $0.2 million related to the three-month period ended December 31, 2015. As of March 31, 2016, interest expense of $0.2 million relating to the three-month period ended March 31, 2016 was included in accrued liabilities on the Companys Condensed Consolidated Balance Sheets. RCF has elected to receive cash, payable on May 31, 2016. The following table represents the key components of our convertible loan: March 31, 2016 December 31, 2015 (thousands of dollars) Debt principal $ 8,000 $ 8,000 Unamortized discount (1,396 ) (1,846 ) Carrying value of convertible loan, end of period $ 6,604 $ 6,154 For the three-month period ended March 31, 2016, the Company recorded amortization of the debt discount and commitment fee of $0.5 million, which has been included in interest expense in the Companys Condensed Consolidated Statements of Operations. RCF may convert amounts drawn under the RCF Loan into shares of the Companys common stock at any time prior to maturity on December 31, 2016. The conversion price is set at $31.20 per share. As of May 11, 2016, RCF owned 718,137 shares or 12.4% of the Companys outstanding common stock. If RCF were to convert the entire $8.0 million outstanding under the RCF Loan, RCF would receive 256,410 shares of the Companys common stock, and RCFs ownership percentage in the Company would increase to 16.2%. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 7. ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: March 31, 2016 December 31, 2015 Balance, beginning of period $ 4,468 $ 4,196 Liabilities settled (39 ) (178 ) Accretion expense 120 450 Balance, end of period 4,549 4,468 Less: Current portion (121 ) (121 ) Less: Liabilities held for sale (105 ) (105 ) Non-current portion $ 4,323 $ 4,242 The Company is currently performing surface reclamation activities at its Rosita project located in Duval County, Texas. The Companys current liability of $0.1 million consists of the estimated costs associated with current plugging and abandonment activities and planned surface reclamation activities through March 2017 at the Companys Rosita project. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Common Stock | 8. COMMON STOCK Common Stock Issued, Net of Issuance Costs Reverse Stock Split Immediately following the close of trading on March 7, 2016, the Company effected a one-for-twelve reverse stock split of its common stock. With the reverse stock split, every twelve shares of the Companys issued and outstanding common stock were combined into one issued and outstanding share of common stock. The reverse stock split reduced the number of shares outstanding from approximately 61.8 million shares to approximately 5.2 million shares. In addition, effective upon the reverse stock split, the number of authorized shares of the Companys common stock was reduced from 200 million to 100 million. The reverse stock split did not have any effect on the par value of the Companys common stock. No fractional shares were issued as a result of the reverse stock split. Any fractional shares that would have resulted were settled in cash. All share data herein has been retroactively adjusted for the reverse stock split. Registered Direct Offering On February 3, 2016, URI and Aspire Capital entered into a stock purchase agreement whereby URI sold 296,666 shares of its common stock in a registered direct offering for gross and net proceeds of $0.8 million. There were no underwriting discounts or placement agent fees. At-the-Market Sales On October 31, 2011, the Company entered into an At-The-Market Sales Agreement with BTIG LLC (the ATM Sales Agreement), a major global securities trading firm that acts as our sales agent. Under the ATM Sales Agreement, the Company may from time to time sell shares of its common stock having an aggregate offering amount up to $15.0 million in at-the-market offerings, which shares are registered under the Companys currently effective registration statement on Form S-3. The Company filed a prospectus supplement dated November 17, 2015 with the Securities and Exchange Commission in connection with the offering, relating to shares of its common stock having an aggregate offering price of up to $6.0 million. The Company pays BTIG a commission equal to 3.0% of the gross proceeds from the sale of any shares pursuant to the ATM Sales Agreement. During the three months ended March 31, 2016 the Company sold 182,110 shares of common stock for net proceeds of $0.6 million under the ATM Sales Agreement, of which $0.2 million was included in receivables as of March 31, 2016. Subsequent to March 31, 2016, the Company sold 159,356 shares of common stock for net proceeds of approximately $0.3 million under the ATM Sales Agreement. As of May 11, 2016, approximately $5.0 million of the aggregate $15.0 million remained available for future sales under the ATM Sales Agreement. Option Agreement On February 3, 2016, the Company issued 75,000 shares of our common stock, with a fair value on the date of issuance of $0.3 million, to Aspire Capital as consideration for Aspire Capital entering into an option agreement by which Aspire Capital granted the Company the right at any time or times prior to April 30, 2017 to require Aspire Capital to enter into up to two common stock purchase agreements, each having a term of up to 24 months and collectively requiring Aspire Capital to purchase up to $10 million in the aggregate of our common stock at such times and in such amounts as elected by the Company under the terms of the option agreement. Common Stock Issued for Loan Interest and Fees As discussed in Note 6 above, unless RCF elects to receive cash, RCF receives common shares of the Company for the payment of interest owing on the RCF Loan. For the three months ended March 31, 2016, the Company issued 38,086 shares of common stock for the payment of $0.2 million in accrued interest and fees for the three-month period ended December 31, 2015. Common Stock Issued for Anatolia Energy transaction fees On January 8, 2016, the Company issued 117,097 shares with a fair market value per share of $6.00 as satisfaction of $0.7 million in required termination payments related to the Anatolia Transaction. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 9. STOCK-BASED COMPENSATION Stock-based compensation awards consist of stock options, restricted stock units (RSUs) and restricted stock awards (RSAs) issued under the Companys equity incentive plans which include: the 2013 Omnibus Incentive Plan (the 2013 Plan); the 2007 Restricted Stock Plan (the 2007 Plan); the Amended and Restated 2004 Directors Stock Option and Restricted Stock Plan (the 2004 Directors Plan); and the 2004 Stock Incentive Plan (the 2004 Plan). Upon approval of the 2013 Plan by the Companys stockholders on June 4, 2013, the Companys authority to grant new awards under all plans other than the 2013 Plan was terminated. As of March 31, 2016, 44,085 shares were available for future issuances under the 2013 Plan. For the three months ending March 31, 2016 and 2015, the Company recorded stock-based compensation expense of $0.2 million and $0.5 million, respectively, which has been included in general and administrative expense. In addition to the plans above, upon completion of the Anatolia Transaction, the Company issued 374,749 replacement options and performance shares to the option holders and performance shareholders of Anatolia Energy. The number of replacement options and performance shares was based upon the Black-Scholes value with the exercise prices of the replacement options and performance shares determined using the exchange rate of 0.00548. The options and performance shares were issued with the same terms and conditions as were applicable prior to the Anatolia Transaction. During the three months ended March 31, 2016 all of the performance shares expired without the performance condition being satisfied. Bonus Shares The Company did not award any bonus shares during the three-month period ending March 31, 2016. In March 2015, in accordance with the Companys short-term incentive plan, the Company awarded its executives bonuses that were paid out in common stock of the Company. The bonus shares vested immediately and had a fair value of $0.3 million which was determined using the closing share price of the Companys common stock on the date of grant. Stock Options The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2016 and 2015: March 31, March 31, 2016 2015 Number of stock options Weighted Average Exercise Price Number of stock options Weighted Average Exercise Price Stock options outstanding at beginning of period 326,424 $ 24.90 13,396 $ 237.00 Expired - - (208 ) 394.80 Stock options outstanding at end of period 326,424 $ 24.90 13,188 $ 300.72 Stock options exercisable at end of period 326,111 $ 24.89 11,035 $ 351.00 The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2016: Outstanding Stock Options Exercisable Stock Options Stock Option Plan Number of Options Outstanding Weighted Average Exercise Price Number of Options Exercisable Weighted Average Exercise Price 2004 Plan 5,792 $ 121.17 5,792 $ 121.17 2004 Directors Plan 6,114 482.23 6,010 489.72 2013 Plan 417 35.88 208 35.88 Replacement Stock Options 314,101 14.21 314,101 14.21 326,424 $ 24.90 326,111 $ 24.89 Total estimated unrecognized compensation cost from unvested stock options as of March 31, 2016 was approximately $15,000, which is expected to be recognized over a weighted-average period of 0.05 years. Restricted Stock Units Time-based and performance-based RSUs are valued using the closing share price of the Companys common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Companys prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria. The following table summarizes RSU activity for the three-month periods ended March 31, 2016 and 2015: March 31, March 31, 2016 2015 Number of restricted stock units Weighted- Average Grant Date Fair Value Number of restricted stock units Weighted- Average Grant Date Fair Value Unvested RSUs at beginning of period 32,699 $ 34.25 45,401 $ 34.08 Granted - - - - Forfeited (3,332 ) 32.21 - - Vested (5,291 ) 32.71 (5,291 ) 32.71 Unvested RSUs at end of period 24,076 $ 34.87 40,110 $ 34.32 Total estimated unrecognized compensation cost from unvested RSUs as of March 31, 2016 was approximately $0.7 million, which is expected to be recognized over a weighted-average period of 1.09 years. Restricted Stock Awards Time-based and performance-based RSAs are valued using the closing share price of the Companys common stock on the date of grant. Vesting based on performance criteria is generally based on the Companys prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such grants assumes full satisfaction of all performance criteria. Employee participants who receive restricted stock awards have all of the rights of a shareholder, including the right to vote shares of restricted stock that are the subject of the grant and the right to receive any regular cash dividends paid out of current earnings. The following table summarizes RSA activity for the three-month periods ended March 31, 2016 and 2015: March 31, March 31, 2016 2015 Number of RSAs Weighted- Average Grant Date Fair Value Number of RSAs Weighted- Average Grant Date Fair Value Unvested RSAs at beginning of period 1,366 $ 40.01 2,223 $ 62.52 Granted - - - - Forfeited (105 ) 80.40 - - Vested (231 ) 32.76 (232 ) 32.76 Unvested RSAs at end of period 1,030 $ 37.57 1,991 $ 66.00 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. EARNINGS PER SHARE Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Potentially dilutive shares of 1,056,984 were excluded from the calculation of earnings per share because the effect on the basic loss per share would be anti-dilutive due to our net loss position for the quarter ended March 31, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES The Companys uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. These laws frequently change and generally become more restrictive. The ongoing costs of complying with such regulations have not been significant to the Companys annual operating costs. Future closure and reclamation costs are provided for as each pound of uranium is produced on a unit-of-production basis. The Company reviews its reclamation obligations each year and determines the appropriate unit charge. The Company also evaluates the status of current environmental laws and their potential impact on the Companys accrual for costs. The Company believes its operations are in substantial compliance with current federal and state environmental regulations. As discussed in Part II. Item 1. Legal Proceedings, below, the Company and a former contractor agreed to settle a complaint filed against the Company whereby the former contractor alleged that the Company breached a compensation agreement between the Company and the contractor that provided for a severance payment to the contractor upon termination for reasons other than for cause. The Company and the former contractor agreed to a settlement amount equal to $90,000 in three installments: $10,000 to be paid within five business days of executing a settlement agreement; $40,000 to be paid on or before June 30, 2016; and the remaining $40,000 to be paid on or before September 30, 2016. In exchange, the former contractor agreed to dismiss the lawsuit within two business days of executing a settlement agreement and also agreed to release all claims against the Company after the three payments have been made. On May 4, 2016, the Company and the former contractor executed a settlement agreement memorializing their agreement and their counsel filed with the District Court a stipulated motion to dismiss the lawsuit with prejudice. As of March 31, 2016, the Company has accrued $90,000 based on the settlement agreement. |
Geographic and Segment Informat
Geographic and Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | 12. GEOGRAPHIC AND SEGMENT INFORMATION The Company has one reportable operating segment, consisting of uranium exploration and development activities. These activities are focused principally in the United States and the Republic of Turkey. We reported no revenues during the three-month periods ended March 31, 2016 and 2015. Geographic location of property, plant and equipment, including mineral rights, and mineral property expenses, is provided in Notes 3 and 4, above. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS Registered Direct Offering On April 4, 2016, URI and Aspire Capital completed a registered direct offering whereby URI sold 375,000 shares of its common stock at a price of $2.17 and 200,000 pre-funded common stock purchase warrants at a price of $2.16, which was paid at closing. Gross proceeds from the offering were $1.25 million, including $0.43 million from the sale of the pre-funded warrants. The warrants have an exercise price of $0.01 per share and a term of three years. Common Stock Purchase Agreement with Aspire Capital On April 8, 2016, the Company entered into the CSPA agreement with Aspire Capital to place up to $12.0 million in the aggregate of the Companys common stock on an ongoing basis when required by the Company over a term of 30 months. The CSPA replaces the option agreement that the Company entered into with Aspire Capital on February 3, 2016. The Company will control the timing and amount of sales to Aspire Capital, and at a price based on the market at that time. As consideration for Aspire Capital entering into the purchase agreement, the Company will issue 240,000 shares of its common stock to Aspire Capital upon the Companys receipt of shareholder approval at its Annual General Meeting of Stockholders. Following receipt of shareholder approval, and effectiveness of the registration statement relating to the resale of the shares subject to the common stock purchase agreement, the Company may begin selling shares of its common stock to Aspire Capital under the terms of the CSPA. Laramide Asset Sale On April 7, 2016, the Company entered into the Laramide SPA with Laramide Resources for the sale of its wholly-owned subsidiary Hydro Resources, Inc., which holds the Companys Churchrock and Crownpoint projects. Under the terms of the Laramide SPA, the Company is set to transfer ownership of the Churchrock and Crownpoint projects in exchange for the following consideration from Laramide Resources at closing: ● $5.25 million in cash; and ● $7.25 million promissory note, secured by a deed of trust or mortgage over the projects. The note will have a three-year term and carry an initial interest rate of 5% which then increases to 10% upon Laramide Resources decision regarding commercial production at the Churchrock project. Principal payments of approximately $2.4 million are due and payable on the anniversary of the closing of the transaction in each of 2017, 2018 and 2019. Interest will be payable on a quarterly basis, provided however that no interest will be payable prior to the first principal payment in 2017. The closing under the Laramide SPA is subject to various conditions, including, without limitation, completion of a financing by Laramide Resources on commercially reasonable terms and in such amount as is necessary to fund the $5.25 million purchase price and certain customary and required consents and releases of and by third parties, including RCF. The United States Nuclear Regulatory Commission has approved the transfer of the Companys license to Laramide Resources, effective at closing. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of Property, Plant and Equipment | Net Book Value of Property, Plant and Equipment at March 31, 2016 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,626 $ - $ - $ 8,626 Mineral rights and properties 17,968 1,513 19,102 - 38,583 Other property, plant and equipment 22 1,319 - 180 1,521 Total $ 17,990 $ 11,458 $ 19,102 $ 180 $ 48,730 Net Book Value of Property, Plant and Equipment at December 31, 2015 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,653 $ - $ - $ 8,653 Mineral rights and properties 17,968 1,513 19,102 - 38,583 Other property, plant and equipment 22 1,352 - 202 1,576 Total $ 17,990 $ 11,518 $ 19,102 $ 202 $ 48,812 |
Mineral Property Expenditures (
Mineral Property Expenditures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Mineral Property Expenditures | |
Schedule of Mineral Property Expenditures | Mineral property expenditures by country for the three months ended March 31, 2016 and 2015 For the Three Months Ended March 31, 2016 2015 (thousands of dollars) Temrezli project, Turkey $ 241 $ - Total Turkey projects 241 - Kingsville Dome project, Texas 234 220 Rosita project, Texas 68 108 Vasquez project, Texas 158 166 Butler Ranch project, Texas 6 58 Other projects, Texas 16 178 Total Texas projects 482 730 Cebolleta project, New Mexico 1 - Juan Tafoya project, New Mexico 7 4 Other projects, New Mexico - 75 Total New Mexico projects 8 79 Total expense for the period $ 731 $ 809 |
Convertible Loan, Related Par22
Convertible Loan, Related Party (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Loan | The following table represents the key components of our convertible loan: March 31, 2016 December 31, 2015 (thousands of dollars) Debt principal $ 8,000 $ 8,000 Unamortized discount (1,396 ) (1,846 ) Carrying value of convertible loan, end of period $ 6,604 $ 6,154 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Asset Retirement Obligation | The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: March 31, 2016 December 31, 2015 Balance, beginning of period $ 4,468 $ 4,196 Liabilities settled (39 ) (178 ) Accretion expense 120 450 Balance, end of period 4,549 4,468 Less: Current portion (121 ) (121 ) Less: Liabilities held for sale (105 ) (105 ) Non-current portion $ 4,323 $ 4,242 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Options Outstanding | The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2016 and 2015: March 31, March 31, 2016 2015 Number of stock options Weighted Average Exercise Price Number of stock options Weighted Average Exercise Price Stock options outstanding at beginning of period 326,424 $ 24.90 13,396 $ 237.00 Expired - - (208 ) 394.80 Stock options outstanding at end of period 326,424 $ 24.90 13,188 $ 300.72 Stock options exercisable at end of period 326,111 $ 24.89 11,035 $ 351.00 |
Summary of Stock Options Outstanding and Exercisable by Stock Option Plan | The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2016: Outstanding Stock Options Exercisable Stock Options Stock Option Plan Number of Options Outstanding Weighted Average Exercise Price Number of Options Exercisable Weighted Average Exercise Price 2004 Plan 5,792 $ 121.17 5,792 $ 121.17 2004 Directors Plan 6,114 482.23 6,010 489.72 2013 Plan 417 35.88 208 35.88 Replacement Stock Options 314,101 14.21 314,101 14.21 326,424 $ 24.90 326,111 $ 24.89 |
Summary of Status of Non-Vested Restricted Shares | The following table summarizes RSU activity for the three-month periods ended March 31, 2016 and 2015: March 31, March 31, 2016 2015 Number of restricted stock units Weighted- Average Grant Date Fair Value Number of restricted stock units Weighted- Average Grant Date Fair Value Unvested RSUs at beginning of period 32,699 $ 34.25 45,401 $ 34.08 Granted - - - - Forfeited (3,332 ) 32.21 - - Vested (5,291 ) 32.71 (5,291 ) 32.71 Unvested RSUs at end of period 24,076 $ 34.87 40,110 $ 34.32 |
Summary of Restricted Stock Awards | The following table summarizes RSA activity for the three-month periods ended March 31, 2016 and 2015: March 31, March 31, 2016 2015 Number of RSAs Weighted- Average Grant Date Fair Value Number of RSAs Weighted- Average Grant Date Fair Value Unvested RSAs at beginning of period 1,366 $ 40.01 2,223 $ 62.52 Granted - - - - Forfeited (105 ) 80.40 - - Vested (231 ) 32.76 (232 ) 32.76 Unvested RSAs at end of period 1,030 $ 37.57 1,991 $ 66.00 |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 04, 2016 | Dec. 18, 2015 | Mar. 06, 2015 | Feb. 28, 2014 | Nov. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash balances | $ 94 | $ 8,381 | $ 865 | $ 5,570 | |||||
Working capital deficit | 10,100 | ||||||||
Gross proceeds from direct offering | $ 800 | $ 6,100 | $ 6,100 | $ 9,300 | |||||
Net proceeds from sale of common stock | $ 1,193 | $ 5,619 | |||||||
Convertible Secured Debt Facility [Member] | |||||||||
Debt maturity date | Dec. 31, 2016 | ||||||||
Secured loan agreement | $ 8,000 | ||||||||
April 4, 2016 [Member] | |||||||||
Number of shares sold by company during peirod | 375,000 | ||||||||
Sale of stock price per share | $ 2.17 | ||||||||
Pre-funded warrants | 200,000 | ||||||||
Pre-funded warrants price per share | $ 2.16 | ||||||||
Gross proceeds from direct offering | $ 1,250 | ||||||||
June 30, 2016 [Member] | |||||||||
Cash balances | $ 100 | ||||||||
ATM Sales Agreement [Member] | |||||||||
Number of shares sold by company during peirod | 159,356 | ||||||||
Net proceeds from sale of common stock | $ 300 | ||||||||
Available for future sales | 5,000 | ||||||||
ATM Sales Agreement [Member] | Maximum [Member] | |||||||||
Gross proceeds from direct offering | 15,000 | ||||||||
ATM Sales Agreement [Member] | June 30, 2016 [Member] | |||||||||
Gross proceeds from direct offering | 300 | ||||||||
ATM Sales Agreement [Member] | May 11, 2016 [Member] | |||||||||
Available for future sales | 5,000 | ||||||||
Common Stock Purchase Agreement [Member] | End Of The Second Quarter 2016 [Member] | Laramide Resources Ltd [Member] | |||||||||
Proceeds from sale properties | 12,500 | ||||||||
Payment for sale of properties | 5,250 | ||||||||
Common Stock Purchase Agreements [Member] | April 8, 2016 [Member] | Aspire Capital [Member] | |||||||||
Net proceeds from sale of common stock | $ 12,000 | ||||||||
Agreement term | 30 months | ||||||||
CSPA [Member] | |||||||||
Available for future sales | $ 12,000 | ||||||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | |||||||||
Debt maturity date | Dec. 31, 2016 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Net property, plant and equipment | $ 48,730 | $ 48,812 |
Turkey [Member] | ||
Net property, plant and equipment | 17,990 | 17,990 |
Texas [Member] | ||
Net property, plant and equipment | 11,458 | 11,518 |
New Mexico [Member] | ||
Net property, plant and equipment | 19,102 | 19,102 |
Corporate [Member] | ||
Net property, plant and equipment | 180 | 202 |
Uranium Plant [Member] | ||
Net property, plant and equipment | $ 8,626 | $ 8,653 |
Uranium Plant [Member] | Turkey [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Texas [Member] | ||
Net property, plant and equipment | $ 8,626 | $ 8,653 |
Uranium Plant [Member] | New Mexico [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Mineral Rights and Properties [Member] | ||
Net property, plant and equipment | $ 38,583 | $ 38,583 |
Mineral Rights and Properties [Member] | Turkey [Member] | ||
Net property, plant and equipment | 17,968 | 17,968 |
Mineral Rights and Properties [Member] | Texas [Member] | ||
Net property, plant and equipment | 1,513 | 1,513 |
Mineral Rights and Properties [Member] | New Mexico [Member] | ||
Net property, plant and equipment | $ 19,102 | $ 19,102 |
Mineral Rights and Properties [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | ||
Net property, plant and equipment | $ 1,521 | $ 1,576 |
Other Property Plant and Equipment [Member] | Turkey [Member] | ||
Net property, plant and equipment | 22 | 22 |
Other Property Plant and Equipment [Member] | Texas [Member] | ||
Net property, plant and equipment | $ 1,319 | $ 1,352 |
Other Property Plant and Equipment [Member] | New Mexico [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | Corporate [Member] | ||
Net property, plant and equipment | $ 180 | $ 202 |
Mineral Property Expenditures -
Mineral Property Expenditures - Schedule of Mineral Property Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Total expense for the period | $ 731 | $ 809 |
Temrezli Project Turkey [Member] | ||
Total expense for the period | 241 | |
Total Turkey Projects [Member] | ||
Total expense for the period | 241 | |
Kingsville Dome Project Texas [Member] | ||
Total expense for the period | 234 | $ 220 |
Rosita Project Texas [Member] | ||
Total expense for the period | 68 | 108 |
Vasquez Project Texas [Member] | ||
Total expense for the period | 158 | 166 |
Butler Ranch Project Texas [Member] | ||
Total expense for the period | 6 | 58 |
Other Projects Texas [Member] | ||
Total expense for the period | 16 | 178 |
Total Texas Projects [Member] | ||
Total expense for the period | 482 | $ 730 |
Cebolleta Project New Mexico [Member] | ||
Total expense for the period | 1 | |
Juan Tafoya Project New Mexico [Member] | ||
Total expense for the period | $ 7 | $ 4 |
Other Projects New Mexico [Member] | ||
Total expense for the period | 75 | |
Total New Mexico Projects [Member] | ||
Total expense for the period | $ 8 | $ 79 |
Assets Held for Sale (Details N
Assets Held for Sale (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Laramide Resources Ltd [Member] | ||
Purchase price that necessary to fund | $ 5,250 | |
Energy Fuels Inc [Member] | ||
Fair value of asset adjustments | $ 2,100 | $ 2,100 |
Convertible Loan, Related Par29
Convertible Loan, Related Party (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jan. 04, 2016 | Apr. 29, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 07, 2016 | Nov. 13, 2013 |
Line of Credit Facility [Line Items] | ||||||
Number of common stock shares issued for settlement of interest expense | 38,086 | |||||
Number of common stock issued for settlement of interest expense | $ 200 | |||||
Interest expense | $ 200 | |||||
Amortization of debt discount and commitment fee | $ 500 | |||||
Common stock, shares outstanding | 5,236,434 | 4,522,186 | ||||
Loan Agreement [Member] | Resource Capital Fund V LP [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt maturity date | Dec. 31, 2016 | |||||
Debt interest rate | 10.00% | |||||
Debt conversation price per shares | $ 31.20 | |||||
Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Common stock, shares outstanding | 61,800,000 | |||||
Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Common stock, shares outstanding | 5,200,000 | |||||
Resource Capital Fund V LP [Member] | May 11, 2016 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Common stock, shares outstanding | 718,137 | |||||
Percentage of outstanding stock | 12.40% | |||||
Debt conversation amount | $ 8,000 | |||||
Issuance of common stock, shares | 256,410 | |||||
Resource Capital Fund V LP [Member] | Maximum [Member] | May 11, 2016 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Percentage of outstanding stock | 16.20% | |||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 15,000 | |||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Maximum [Member] | Loan Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit fee available | $ 15,000 | |||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Minimum [Member] | Loan Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit fee available | $ 8,000 |
Convertible Loan, Related Par30
Convertible Loan, Related Party - Summary of Convertible Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Debt principal | $ 8,000 | $ 8,000 |
Unamortized discount | (1,396) | (1,846) |
Carrying value of convertible loan, end of period | $ 6,604 | $ 6,154 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligation current | $ 121 | $ 121 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Balance, beginning of period | $ 4,468 | $ 4,196 | $ 4,196 |
Liabilities settled | (39) | (178) | |
Accretion expense | 120 | $ 112 | 450 |
Balance, end of period | 4,549 | 4,468 | |
Less: Current portion | (121) | (121) | |
Less: Liabilities held for sale | (105) | (105) | |
Non-current Portion | $ 4,323 | $ 4,242 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 04, 2016 | Feb. 03, 2016 | Jan. 08, 2016 | Dec. 18, 2015 | Nov. 17, 2015 | Mar. 06, 2015 | Oct. 31, 2011 | Feb. 28, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 07, 2016 |
Common stock, shares outstanding | 5,236,434 | 4,522,186 | ||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||||
Proceeds from direct offering | $ 800 | $ 6,100 | $ 6,100 | $ 9,300 | ||||||||
Number of common stock issuance during the period | $ 1,352 | |||||||||||
Purchase of common stock | $ 1,193 | $ 5,619 | ||||||||||
Anatolia Energy Limited [Member] | ||||||||||||
Common stock issued for acquisition related fees, shares | 117,097 | |||||||||||
Shares issued price per share | $ 6 | |||||||||||
Common stock issued for acquisition related fees | $ 700 | |||||||||||
ATM Sales Agreement [Member] | ||||||||||||
Sale of common stock, shares | 159,356 | |||||||||||
Purchase of common stock | $ 300 | |||||||||||
ATM Sales Agreement [Member] | BTIG, LLC [Member] | ||||||||||||
Sale of common stock, shares | 182,110 | |||||||||||
Proceeds from direct offering | $ 6,000 | $ 15,000 | ||||||||||
Percentage of commission to be paid on gross proceeds | 3.00% | |||||||||||
Proceeds from sales of common stock | $ 600 | |||||||||||
Common stock receivables | 200 | |||||||||||
ATM Sales Agreement [Member] | BTIG, LLC [Member] | May 11, 2016 [Member] | ||||||||||||
Proceeds from sales of common stock | 5,000 | |||||||||||
Proceeds from future sale of equity | $ 15,000 | |||||||||||
ATM Sales Agreement One [Member] | BTIG, LLC [Member] | ||||||||||||
Sale of common stock, shares | 159,356 | |||||||||||
Proceeds from sales of common stock | $ 300 | |||||||||||
Option Agreement [Member] | Aspire Capital [Member] | ||||||||||||
Number of common stock shares issued during the period | 75,000 | |||||||||||
Number of common stock issuance during the period | $ 300 | |||||||||||
Agreement term | 24 months | |||||||||||
Purchase of common stock | $ 10,000 | |||||||||||
Loan Agreement [Member] | Resource Capital Fund V LP [Member] | ||||||||||||
Issuance of common stock for payment of accrued interest and fees, shares | 38,086 | |||||||||||
Issuance of common stock for payment of accrued interest and fees | $ 200 | |||||||||||
Aspire Capital [Member] | Stock Purchase Agreements [Member] | ||||||||||||
Sale of common stock, shares | 296,666 | |||||||||||
Proceeds from direct offering | $ 800 | |||||||||||
Maximum [Member] | ||||||||||||
Common stock, shares outstanding | 61,800,000 | |||||||||||
Common stock, shares authorized | 200,000,000 | |||||||||||
Maximum [Member] | ATM Sales Agreement [Member] | ||||||||||||
Proceeds from direct offering | $ 15,000 | |||||||||||
Minimum [Member] | ||||||||||||
Common stock, shares outstanding | 5,200,000 | |||||||||||
Common stock, shares authorized | 100,000,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of replacement options and performance shares issued | 374,749 | ||
Replacement options and performance shares, exchange rate | $ 0.00548 | ||
Stock-based compensation expense | $ 200 | $ 500 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost from unvested stock options | $ 15 | ||
Weighted average period of unvested stock options | 18 days | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost from unvested stock options | $ 700 | ||
Weighted average period of unvested stock options | 1 year 1 month 2 days | ||
2013 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock shares reserved for future issuance | 44,085 | ||
Bonus shares vested grant date fair value | $ 300 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of Stock options outstanding at beginning of period | 326,424 | 13,396 |
Number of stock options outstanding, Expired | (208) | |
Number of Stock options outstanding at end of period | 326,424 | 13,188 |
Number of Stock options exercisable at end of period | 326,111 | 11,035 |
Weighted average exercise price, Stock options outstanding at beginning of period | $ 24.90 | $ 237 |
Weighted average exercise price, Expired | 394.80 | |
Weighted average exercise price, Stock options outstanding at end of period | $ 24.90 | 300.72 |
Weighted average exercise price, Stock options exercisable at end of period | $ 24.89 | $ 351 |
Stock-Based Compensation - Su36
Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable by Stock Option Plan (Details) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Outstanding Stock Options, Number of Options Outstanding | 326,424 | 326,424 | 13,188 | 13,396 |
Outstanding Stock Options, Weighted Average Exercise Price | $ 24.90 | $ 24.90 | $ 300.72 | $ 237 |
Exercisable Stock Options Exercisable, Number of Options Exercisable | 326,111 | 11,035 | ||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 24.89 | $ 351 | ||
2004 Plan [Member] | ||||
Outstanding Stock Options, Number of Options Outstanding | 5,792 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 121.17 | |||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 5,792 | |||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 121.17 | |||
2004 Director's Plan [Member] | ||||
Outstanding Stock Options, Number of Options Outstanding | 6,114 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 482.23 | |||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 6,010 | |||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 489.72 | |||
2013 Plan [Member] | ||||
Outstanding Stock Options, Number of Options Outstanding | 417 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 35.88 | |||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 208 | |||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 35.88 | |||
Replacement Stock Options [Member] | ||||
Outstanding Stock Options, Number of Options Outstanding | 314,101 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 14.21 | |||
Exercisable Stock Options Exercisable, Number of Options Exercisable | 314,101 | |||
Exercisable Stock Options Exercisable, Weighted Average Exercise Price | $ 14.21 |
Stock-Based Compensation - Su37
Stock-Based Compensation - Summary of Status of Non-Vested Restricted Shares (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Number of restricted stock, Unvested Beginning of period | 32,699 | 45,401 |
Number of restricted stock units, Granted | ||
Number of restricted stock units, Forfeited | (3,332) | |
Number of restricted stock units, Vested | (5,291) | (5,291) |
Number of restricted stock, Unvested End of period | 24,076 | 40,110 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $ 34.25 | $ 34.08 |
Weighted Average Grant Date Fair Value, Granted | ||
Weighted Average Grant Date Fair Value, Forfeited | $ 32.21 | |
Weighted Average Grant Date Fair Value, Vested | 32.71 | $ 32.71 |
Weighted Average Grant Date Fair Value, Unvested End of period | $ 34.87 | $ 34.32 |
Stock-Based Compensation - Su38
Stock-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Number of restricted stock, Unvested Beginning of period | 1,366 | 2,223 |
Number of restricted stock, Granted | ||
Number of restricted stock, Forfeited | (105) | |
Number of restricted stock, Vested | (231) | (232) |
Number of restricted stock, Unvested End of period | 1,030 | 1,991 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $ 40.01 | $ 62.52 |
Weighted Average Grant Date Fair Value, Granted | ||
Weighted Average Grant Date Fair Value, Forfeited | $ 80.40 | |
Weighted Average Grant Date Fair Value, Vested | 32.76 | $ 32.76 |
Weighted Average Grant Date Fair Value, Unvested End of period | $ 37.57 | $ 66 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) | 3 Months Ended |
Mar. 31, 2016shares | |
Earnings Per Share [Abstract] | |
Potentially dilutive shares were excluded from calculation of earnings per share | 1,056,984 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - Settlement Agreement [Member] - Former Contractor [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Settlement amount | $ 90 |
Accrued settlement | 90 |
Paid Within 5 Business Days [Member] | |
Settlement amount | 10 |
Paid On or Before June 30, 2016 [Member] | |
Settlement amount | 40 |
Paid On or Before September 30, 2016 [Member] | |
Settlement amount | $ 40 |
Geographic and Segment Inform41
Geographic and Segment Information (Details Narrative) | 3 Months Ended | |
Mar. 31, 2016USD ($)ReportableSegments | Mar. 31, 2015USD ($) | |
Segment Reporting [Abstract] | ||
Revenues | $ | ||
Number of reportable operating segment | ReportableSegments | 1 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 08, 2016 | Apr. 07, 2016 | Apr. 04, 2016 | Feb. 04, 2016 | Dec. 18, 2015 | Mar. 06, 2015 | Feb. 28, 2014 | Mar. 31, 2016 | Mar. 31, 2015 |
Gross proceeds from direct offering | $ 800 | $ 6,100 | $ 6,100 | $ 9,300 | |||||
Purchase of common stock | $ 1,193 | $ 5,619 | |||||||
Subsequent Event [Member] | Common Stock Purchase Agreement [Member] | Laramide Resources Ltd [Member] | |||||||||
Proceeds from sale properties | $ 5,250 | ||||||||
Promissory note | $ 7,250 | ||||||||
Note term | 3 years | ||||||||
Note initial interest rate | 5.00% | ||||||||
Note interest rate increases | 10.00% | ||||||||
Note principal payments | $ 2,400 | ||||||||
Note payable and due date description | Principal payments of approximately $2.4 million are due and payable on the anniversary of the closing of the transaction in each of 2017, 2018 and 2019. Interest will be payable on a quarterly basis, provided however that no interest will be payable prior to the first principal payment in 2017. | ||||||||
Purchase price of assets | $ 5,250 | ||||||||
Subsequent Event [Member] | URI and Aspire Capital [Member] | |||||||||
Number of shares sold by company during peirod | 375,000 | ||||||||
Sale of stock price per share | $ 2.17 | ||||||||
Pre-funded common stock purchase warrants | 200,000 | ||||||||
Pre-funded warrants price per share | $ 2.16 | ||||||||
Gross proceeds from direct offering | $ 1,250 | ||||||||
Proceeds from sale of pre-funded warrants | $ 430 | ||||||||
Warrants exercise price per share | $ 0.01 | ||||||||
Warrants term | 3 years | ||||||||
Subsequent Event [Member] | Aspire Capital [Member] | Common Stock Purchase Agreement [Member] | |||||||||
Purchase of common stock | $ 12,000 | ||||||||
Agreement term | 30 months | ||||||||
Number of common stock shares issued during the period | 240,000 |